Held that there was no infirmity in the findings of the Commissioner (Appeals) that the sales tax subsidy should not be reduced from the block of assets for purposes of depreciation. Followed , CIT v. P. J. Chemicals L td (1994 ) 210 ITR 830 (SC) ,CIT v. Standard Fireworks P. Ltd((2010) 326 ITR 498 (Mad)(HC) and CIT v. Eicher Tractors L td.(2007) 164 Taxman 526 (Delhi)(HC) . (AY.2004-05 to 2008-09)
Asst. CIT v. Cosmo Films Ltd. (2023)106 ITR 10 (SN)(Delhi) (Trib)
S. 4: Charge of income-tax-Sales tax subsidy-Capital receipt-Depreciation-Actual cost-Sales tax subsidy is not to be reduced from block of assets. [ S. 2(11), 32 ]